The top of the market: a Sydney penthouse for $100 million
The proposed Crown Sydney hotel and resort cost James Packer $100 million in licence fees to the NSW government just to operate a casino there. But he could make it back on the sale of a single unit – the three-storey penthouse atop the 69-storey tower. The actual development plan remains a gleam in the eye, but the owners have laid preliminary plans on the table. The apartment may end up reserved for the highest of rollers as a VIP suite, but the price comparisons to other similar properties like a $255 million penthouse in London's Knightsbridge area would put its value in the nine figures… and would become the single most valuable property on the continent. There are 80 other apartments proposed for the tower, but really … no one is paying attention to the hoi palloi shelling out a million a unit. Read the full story here.
Housing market relies on strong unit sales for growth
The latest Housing Industry Association new home sales report shows that transactions increased by 1.2 per cent in June and 2 per cent in the June quarter. Units have been driving growth, surging by 15.9 per cent in June while detached house sales fell by 1 per cent. Home sales grew by 2.6 per cent for the quarter, however, increasing in four out of five mainland states during the June quarter. Queensland led the quarter with detached house sales up by 6.6 per cent, while South Australia performed poorly, down by 8.4 per cent. The report comes on the heels of analysis forecasting a fall in construction and unit sales over the next few years as a surge in supply in Melbourne begins to take hold in the market. Read the full story here.
Ten suburbs for investing
Real estate site OnTheHouse called 10 regional areas outside of Australia's major cities the best investment opportunities, with south eastern NSW suburb Jerrabomberra – population less than 10,000 – the best of all. At a median property value of $612,500 and a median rent of $605, investors earn a 5.5 per cent yield, while OnTheHouse estimates the suburb's predicted capital to grow by 10 per cent over five years. The yield/capital calculation also points to Queensland suburb Morayfield, in the state's Morten Bay Region north of Brisbane, where the median house value is $321,000 and the median rental return is $335 and Perth suburb Seville Grove, with a median value of $367,500 and median rent of $390. No suburb in Victoria or the Northern Territory made the list. Read the full story here.
Sale of the week: a house suitable for (cult) worship
Kuitpo Colony Retreat, at 737 Blackfellows Creek Road in South Australia, features a manager’s residence with four bedrooms and two bathrooms, a main hall with a raised stage, and a past. It's being auctioned to cover a $3 million tax arrearage by the Agape Ministries doomsday cult, which allegedly bilked its members of millions while telling them that humanity would soon be implanted with microchips. The compound contains a projection room and adjoining meeting rooms; four separate dormitory complexes, each with 12 bedrooms, and a communal camp-style dining/mess area with an upgraded kitchen. “The 37 acres is well fenced into various sections,” agent Ray White notes. “The land would suit grazing, horse agistment, hay production etc. Water is provided via the dams and rainwater collection tanks.” Read the full story here.
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